Although the natural and oil sectors are the major foundations of Qatar’s economy, the Qatar government has been trying to diversify its economy. One of the ways to achieve that goal is by opening up to foreign companies. Here, we will give you a brief introduction to business in Qatar and business strategy.
Qatar Overview
The State of Qatar (or simply Qatar for short) is one of the richest countries in the world. For many years, the country has been relying on the natural oil and gas sectors. In recent years, the Qatar government has been trying to reduce its dependence on these sectors by diversifying its economy.
One of the ways to achieve that goal is by welcoming foreign companies to conduct business. Political and economic stability, highly developed infrastructure, and openness to foreign companies make Qatar a very good place to conduct business. To thrive in Qatar, a company must have the right business strategy.
Business in Qatar: Opportunities
The top importing industries in Qatar:
- Commodities
- Iron or steel products
- Furniture and Bedding
- Plastics
- Machinery and mechanical appliances
- Electrical machinery
- Vehicles
- Aircraft and spacecraft
- Gems
The top 7 business opportunities for small business:
- Interior designing
- Fitness center
- Restaurant business
- Delivery business
- Financial services
- IT-related business.
What Is Business Strategy?
A business strategy can be defined as the decisions or actions that help a business achieves its business objectives and secure its position in the market. It is what directs business operations.
How a business strategy is defined depends on many factors. One of them is the location where the company conducts business.
Why Is Qatar Business Strategy Important?
- Planning
The business strategy of a company is a part of its business plan. The business plan defines the company’s goals and objectives, while the business strategy provides the master plan on how those can be fulfilled.
- Strengths and weaknesses
When you formulate your company’s business strategy, you will identify the strengths and weaknesses of your company. This helps you to capitalize on your strengths and at the same time minimize your weaknesses.
- Efficiency
With a business strategy, a company becomes more efficient in its operations since it knows its goals and how to achieve them.
- Competitive advantage
The company can use a business strategy to capitalize on its strengths, turning it into a competitive advantage to secure its position in the market.
- Control
A business strategy makes the company’s activities easier to control and monitor.
Components of a Business Strategy
A business strategy is composed of several components. They are
- Vision and objectives, which defines what the company must achieve.
- Core values, the parameters that tell what should and what should not be done.
- SWOT analysis, which defines the company’s strengths, weaknesses, opportunities as well as threats.
- Tactics, the operational details to maximize efficiency.
- Resource procurement and allocation plan, which tells how to get resources and allocate them.
- Measurement, to help evaluate the company’s performance in relation to its goals and objectives.
That is Qatar’s business strategy in brief. Similar to conducting business in other countries, a company must have the right business strategy to thrive in Qatar. To make the right strategy, further research is necessary.